I hear time and time again you need to get a house under contract or that the house is under contract with a buyer in place. My main questions are:
1. What paperwork is required to lock down a property? Only a purchase contract? Should I have a different contract for owner financing over traditional financing? Is there a different contract for a subject to? (Buy and Hold/Buy and Flip strategy)
2. What paperwork is required to acquire a wholesale contract? Also what are the most important parts? making sure it is assignable? time frame for the wholesale?
3. What paperwork is required to sell/assign a wholesale contract?
I have seen these topic brought up in a forums in the past, however they really don't answer these questions.
Thank you in advance,
To purchase a property you need a contract to purchase. That language of that contract will vary with the deal. Then you use an assignment contract to sell you original contract
- 1) Contract for purchase and sale of 123 Main st between you and the seller
- 2) Contract to "assign" (or essentially sell) your first contract. This assignment contract is between you and the end buyer.
When you assign a contract you are not selling a house - you are selling a contract to buy an house.
Thank You @Ned Carey
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